GBP/USD is ready to take off

September 5, 2016

By Admiral Markets

The GBP/USD aka the cable, is currently set for a possible reversal towards 1.3370 and 1.3456. We have an important POC. The price is currently 1.3328 but we could easily see the rejection towards 1.3370. POC1 ( 23.6, double trend line, mini rounded bottom) is 1.3287-1.3315 and anywhere in this zone the price might reject. If the price breaks 1.3370 with a strong 1h momentum or we see a 4h close above 1.3370, 1.3456 should be next. Buy the dips seem to be valid now as MACD slope is also positive on higher time frames.

1.3200 needs to hold in order for the price to remain bullish.

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Article by Admiral Markets

Source: GBP/USD is ready to take off

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